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20110701
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, as theation is staring down so much debt. we first heard about this on npr, and had no idea it was going on. here's abc's jon karl. >> reporter: we took a journey to the heart of the u.s. mint in philadelphia. down long corridors, into oversized elevators and through doors, lots of doors, for a lesson on how to lose money while making money. it sounds a little like vegas around here, except the coins never stop coming. this is the presidential dollar coin. they're making them to honor every dead president, but nobody seems to want them. not even the one for rutherford b. hayes. rutherford b. hayes, hot off the press. literally, these coins are still warm. made of manganese brass, they coco 32 cents a pop to make. the mint can make 1.8 million a day. do the math. that's nearly $600,000 a day. because almost nobody uses these things, most go directly into storage. we found a bunch of them 100 miles down the road in a vault. here at the federal reserve in baltimore, the coins are packed into plastic bags stacked one on top of each other all the way up and down this aisle. several aisle of them
the debt and, many tea partiers and many americans think we can cut out spending on npr and arts funding and foreign aid and that will take care of the debt problem and that is less than 1% of the budget, you have to cut the programs americans don't touched and the democrats keep swearing, oh, we'll never touch medicare and social security, well then we'll have debts and, deficits as far that's eye can see. >> michelle bachmann said she doesn't think we have to raise the debt ceiling. what are your thoughts. >> i'm very interested in the, because it doesn't make any sense. we have enough revenue coming in from the taxes, month-to-month, week-to-week, to service the national debt and pay social security, and medicare and medicaid. so i don't understand why our rating would go down unless the ratings agencies are trying to suck up to the democrats, on the other hand, i have seen some economists say, yes, it will lower our debt rating and will make -- it doesn't make any sense, because it is the equivalent of, you payer mortgage month-to-month and make those piloavements and you stop buying
Search Results 0 to 4 of about 5 (some duplicates have been removed)

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